Corpus Christi Corporation reported the following pretax (and taxable) information for 2010:

Income from continuing operations…………………………………………......…..................$400,000

Loss on disposal of Segment Bongo……………………………………………............................40,000

Extraordinary flood loss………………………………………………………….................................60,000

Prior period adjustment-Depreciation was understated in 2009………………….........12,000

Gain from operations of discontinued Segment Bongo…………………………...............20,000

Income tax rate…………………………………………………………………….......................................30%

Required:

Prepare the lower portion of Corpus Christi's 2010 income statement, beginning with pretax income for continuing operations.

Answer rating: 100% (QA)

Corpus Christi Corporation Income from continuing operations 4... View the full answer